Family Specific Fintech Company zenda Raises $9.4 Million in an Oversubscribed Seed Round The funds will be used for product development and market expansion in India

By Akshit Pushkarna

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

L-R Raman Thiagarajan Haseeb Ahmed- Founders, zenda

Dubai based fintech company zenda announced today that they were successful in securing a $9.4 million oversubscribed seed round. The round saw participation from prominent global VCs STV, COTU, Global Founders Capital, and VentureSouq. The funds will be used for product development and market expansion in India.

The company was founded in June 2021 by McKinsey & Company alumni Raman Thiagarajan and Haseeb Ahmed, their second entrepreneurial venture together. zenda allows families to track dues and make payments through a multitude of pay-now and pay-later options, and unlock rewards for paying on time. zenda integrates with schools through its proprietary data model and APIs and eliminates last mile reconciliation challenges and delays. They earn a small commission every time a parent makes a transaction via their app. They also make money through processing fees when they provide credit for parents who want to make monthly payments for the cost of their children's education.

zenda's aims to make it easier for families to manage money and enables their financial wellness - banking and financial experiences built from the ground up, designed specifically for families.

"It is gratifying to see the response from parents and seeing how they have embraced our service. zenda schools are witnessing a systematic increase in their collections. We have a truly outstanding team and I feel privileged to have such a passionate group with us on this journey," Raman Thiagarajan, CEO and founder, zenda said.

Commenting on the funding, Ihsan Jawad, General Partner, STV, said, "Raman, Haseeb and the team have identified a compelling gap in the market and in supporting families on a topic that is very important to them. Seeing their strong traction over the past several months, we couldn't be more excited about zenda. India and the GCC are a USD 100+ billion market for private education fees. They have built an outstanding team and we look forward to working with them in helping zenda achieve its mission."

Akshit Pushkarna

Features Writer

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Related Topics

Leadership

International Security Firm Welcomes Female India Native to an Essential Leadership Position

Yasmin Brar has been appointed as the Operations Strategy Director, a role that underscores the company's commitment to innovation, expansion, and strategic management

News and Trends

The Growth Enhancer: Subin Kumar Mitra, CEO, Groyyo

With a vision to empower 20 million-plus micro-manufacturers across Asia, Groyyo was formed by a first-generation founder, Subin Kumar Mitra in 2021.

News and Trends

Kaynes Semicon To Invest INR 4,000 Crore On OSAT/ATMP

The investment is expected to create around 1,000-plus jobs

News and Trends

Ghost Kitchens Raises USD 5 Mn in Series A Led by GVFL

The Mumbai-based food tech startup plans to use the funds to scale business operations and foray into retail stores of its existing hero brands and new celebrity brands.

Marketing

Enhance Your Website's Visibility and Dominate Your Competition With These Powerful Techniques

Mastering backlinks and content intent is key to ranking higher on search engines. Our guide can help you learn the right techniques and strategies for improving your backlinks and content quality.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.